3 Ways Singaporeans Lose Money (Without Even Realising It)

#1 Exchanging Too Much Foreign Currency

Some people tend to exchange too much foreign currency before going overseas. The pitfall is that each time you exchange your currency, you will lose some money through the conversion rate. If you are one who tends to exchange too much money before going overseas, you might want to take note. You will lose twice to the foreign exchange when changing your extra currency back to home currency.

Also, the next time you travel to places such as United States or Europe, be sure to hold on to your excess dollars and euros instead of converting them back. Instead, bring those leftover currencies to the next country you are visiting and exchange it directly there. This way you can save on one exchange loss as compared to changing it in Singapore.

What happens when you exchange your euros for Japanese Yen in Singapore:

The money changer will change your euros to Singapore dollars before proceeding to change it to Japanese Yen. There you have it, losing twice to the foreign exchange!

Alternatively, if the exchange rates are better in the country you are travelling to, bring your home currency over and exchange there.

#2 Forgetting to Renew Your Broadband Contract

Some might be surprised by their broadband billings. Typically, when people sign up for broadband they are usually offered a contract of one year or two. So what happens when the contract ends? You will be charged the full monthly price instead of the discounted contractual price that you were paying for previously.

#3 Credit Card Annual Fees

Typically, when you apply for a credit card the first year annual fee would be waived. What people tend to forget is that when you do not cancel the card within the first year, you will be charged the annual fee.

Annual fees can range from $100 to even $1000. Here are some of the annual fees of commonly used credit cards.

While applying for a credit card may be easy, cancelling one will definitely not be. Always think twice before you apply for a credit card.

Opening too many accounts and closing them at the same time will hurt your credit score. Another way you can skip on the annual fee would be to give a call to the bank that issues your credit card and chances are, they might just waive it for you.

Now that you know, stop making these mistakes to spare yourself from losing money like these!